A Credit Card Startup's Failure To Start
Amid a growing number of questionable crowd-funded hardware technology, Coin stood out as a promising startup in San Francisco with a clever take on the credit card: A slim gadget that could store other credit cards in its dynamic magnetic stripe.
However, nearly one year after it took millions of dollars in customer pre-orders, Coin's was forced to delay the product by almost a year, doing so only after attempting to downplay the failure.
I detailed the company's troubles at a time despite Coin's efforts to relay reassurance about its future road map. I later following up the story with subsequent reports on how the company's handling of the situation backfired and spun out of control as customers' ire grew rapidly over the course of a single weekend.